Located at 3906 Baltimore Ave., Alcazar Apartments is in southern Kansas City, providing access to Interstate 35 as well as several retail options. The property consists of a seven-story building and two four-story buildings, which include 75 affordable units. The unit mix comprises 34 studios, 94 one- and 14 two-bedroom apartments.

“At this point in the market where there is a severe lack of affordable and workforce housing being created, much less being maintained and preserved, we are pleased to provide the financing to ensure Alcazar provides a safe and affordable home for hundreds of residents for years to come,” said Hires, in prepared remarks. Recently, Hires also secured a $21 million Fannie Mae loan for two multifamily communities in Georgia.

Image courtesy of Yardi Matrix

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